The Office of the Comptroller of the Currency announced new efforts to combat financial fraud following a panel discussion with community bankers in Minneapolis, Minnesota, on October 6. Comptroller Jonathan V. Gould affirmed the agency's support for community banks and introduced a new tool allowing bankers to directly report suspected payments fraud involving OCC-regulated institutions to an OCC fraud taskforce.
Gould highlighted a sharp rise in fraud in Minnesota, noting that non-mortgage fraud reports more than doubled between 2020 and 2024, while suspicious activity report filings related to check fraud increased nearly 300 percent. He said billions of dollars intended for child nutrition, housing for disabled seniors, and services for children with special needs were diverted to fraudulent actors.
According to Federal Trade Commission Consumer Sentinel Network data cited for 2026, Minnesota recorded 15,601 fraud reports with total losses of $86.5 million and a median loss of $288. Gould also pointed to the Treasury Department's Do Not Pay program, which screened more than 1.1 billion federal payments totaling approximately $3.7 trillion in the last fiscal year and prevented about 13,500 payments worth $175 million from going to deceased individuals.
The OCC also reminded banks of FinCEN 314(b) guidance that enhances information sharing across institutions to help detect and thwart fraud more effectively. The initiative aligns with the Trump Administration's priority to eliminate fraud and protect Americans from illicit activity.
